Tag: fraud

TT Club sees criminal fraud in its many and various manifestations within the global supply chain, as a primary and growing threat.

According to the IMO, that there have been several cases in the past, related to the fraudulent use of a country's flag, and/or to the fraudulent operation of a registry without the purported flag country's permission or knowledge.

ICC FraudNet has published its second Global Annual Report which examines the evolving nature of fraud and financial crime, its responses and solutions, amid the backdrop of the Covid-19 pandemic.

As Fiona Li, Syndicate Manager (Claims), Eastern Syndicate, Steamship Mutual informs, the hacking of email accounts and the frequency and sophistication of intercepted and fraudulent emails has increased over recent years. This has caused payments to be made inadvertently to fraudulent bank accounts.

During its 31st session on 25 November to 4 December 2019, the IMO Assembly adopted, among others, a resolution addressing fraudulent ship registration. The IMO recently put under the microscope over 300 ships involved in fraudulent vessel registrations. 

The Britannia P&I Club informed of a recent fraud incident, where Local Port State Control Officers (PSCOs) boarded a ship in Gabon and presented a fine against the ship, but it was proven that they were not in fact PSC officers.

Aegean announced that the US Bankruptcy Court for the Southern District of New York approved its final motion regarding the $535 million in aggregate Debtor-in-Possession financing from Mercuria Energy Group. In the beginning of November, Aegean had filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.

Aegean announced that the US Bankruptcy Court for the Southern District of New York granted interim approval of all the company's first day motions regarding its voluntary Chapter 11 restructuring. The approvals improve Aegean's liquidity position, to ensure that critical partners continue to be paid normally.

Aegean Marine Petroleum Network Inc. announced that it has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. The debtors entered this process with the support of Mercuria Energy Group, an independent energy and commodity company.

The European Union and Italian authorities are investigating a suspected tax fraud by Chinese criminals, who are reportedly importing goods through Greece’s largest port of Piraeus, which is considered a trade gateway between China and Europe. The European Anti-Fraud Office is also working with Italy on the investigation.